Get your home fit for purpose. Most senior homeowners take out an equity release for home improvements, repairs, and renovations.
ASAG knows that most seniors want to stay in their home for as long as possible, making it important to ensure their home is fit for purpose. Borrowers who take out a seniors equity release for home repairs use it to future proof their home, to protect the value of the property, and improve their overall wellbeing.
The longer home maintenance and repairs are delayed, the higher the risk of irreparable damage to your home. This can reduce the value of the property and, in turn, the quality of your retirement.
Furthermore, there may be important health and medical reasons why certain home improvements are needed. The following may be included:
- installation of a stair lift to aid mobility,
- installation of rails, bars, and other safeguards to prevent falls,
- reparation of cracked pavement or concrete around the home to prevent falls, and
- rearrangement of the kitchen to allow easier, safer access.
Improve your property with a seniors equity release
Looking for funds for property related expenses can be challenging especially when you’ve got more urgent costs such as food, utilities, and bills to consider first.
An equity release benefits senior homeowners who are unable to qualify for a traditional mortgage or personal loan due to age and income. For those who do, paying it back from the aged pension or superannuation can cause additional stress.
That’s where ASAG can help. One of the many benefits of a seniors equity release is that making regular loan repayments are not required. However, voluntary repayments can be done at any time — which reduces the balance and interest charged.
When it comes to interest, it is calculated on the balance outstanding and added each month to your loan. The total interest charged, along with the amounts drawn, will be payable at the end of the term of your loan — when you move permanently from your home.
Benefits of using a seniors equity release for home improvements and repairs
Consider the following benefits when you use an ASAG Equity Release for your home upgrades:
- Flexible cash flow. You can tell ASAG how much you need to pay for home renovation as an initial advance, and then we may be able to set you up a cash reserve facility, regular advances, or a combination for your future needs.
- Add value to your home. You can utilise the proceeds for any useful purpose, including the much needed home repairs, improvements, and upgrades that add value to your property.
- Peace of mind. Have peace of mind with the assurance that you are able to access the equity in your property without the need to sell.
If you liked our “Use ASAG Equity Release For Your Home Improvements” and took away some valuable and useful information, check our blog space regularly for more updates on reverse mortgages and equity releases.